TIDMAR.
RNS Number : 9529Y
Archipelago Resources PLC
01 March 2013
1 March 2013
AIM: AR.
Archipelago Resources Plc
("Archipelago" or "the Company")
Additional high grade drilling results at Toka Tindung Mine
Archipelago is pleased to announce further impressive drilling
results from its Blambangan and Pajajaran deposits at the Toka
Tindung Mine ("Toka Tindung") in North Sulawesi, Indonesia.
HIGHLIGHTS
-- Further to results released on 9 July and 15 October 2012 and
as part of the 2012 exploration programme, additional drill
intersections can be reported from deeper mineralised zones at
Blambangan and Pajajaran, located approximately 3km from the
processing plant.
-- Highlights include:
Blambangan:
8m at 7.93g/t (BP060A, 156 - [including 3m at 17.92g/t Au;
Au 164m) 158 - 161m]
8m at 3.41g/t (BP060, 146 - 154m) [including 1m at 13.60g/t Au;
Au 146 - 147m]
Pajajaran:
13m at 5.98g/t (PJJ028, 205 - [including 2m at 27.55g/t Au;
Au 218m) 206 - 208m]
5m at 10.32g/t (PJJ049, 24 - 29m)
Au
6m at 5.71g/t (PJJ047, 103 - [including 1m at 21.60g/t Au;
Au 109m) 105 - 106m]
4m at 9.22g/t (PJJ046, 7 - 11m) [including 2m at 14.85g/t Au;
Au 7 - 9m]
7m at 4.44g/t (PJJ044, 143 - [including 1m at 10.50g/t Au;
Au 150m) 147 - 148m]
8m at 3.59g/t (PJJ040, 224 - [including 2m at 8.81g/t Au; 224
Au 232m) - 226m]
10m at 3.64g/t (PJJ048, 92 - 102m) [including 1m at 18.40g/t Au;
Au 100 - 101m]
5m at 6.95g/t (PJJD051, 230 -
Au 235m)
-- The results continue to indicate high grade extensions at
depth for the Blambangan and Pajajaran deposits.
-- Toka Tindung remains highly prospective, with significant
potential to extend Archipelago's already substantial 2.58m oz Au
Resource and 1.47m oz Au Reserve.
-- Archipelago remains on track to release an updated Resource
& Reserve Statement by the end of Q1 2013. The results from
Blambangan and Pajajaran are expected to be included in updated
Resource estimates.
COMMENT
Commenting on results, Marcus Engelbrecht, Managing Director and
CEO, said:
"The Blambangan and Pajajaran intersections are the final
results from our highly successful 2012 exploration programme,
again demonstrating the quality of both deposits as we continue to
drill at depth. Our immediate focus is on updating Toka Tindung's
Resource and Reserve to take into account the encouraging results
reported throughout 2012."
DETAILS
Toka Tindung involves mining from the main Toka Tindung pit and
four near-site southern satellite deposits, inclusive of Blambangan
and Pajajaran (all of which are open at depth and along strike). In
2012 (and continuing into 2013), Archipelago's targeted exploration
programme focused on discovering additional ore through drilling
untested zones adjacent to or at depth from known deposits. In
addition, Archipelago undertook infill drilling to increase the
confidence level of the Resource to enable conversion to an
economic Reserve at a later date.
In total for the 2012 year, Archipelago drilled 63 holes for
8,870m at Blambangan and 56 drill holes for 10,109m at Pajajaran
(inclusive of holes reported in this and previous
announcements).
At both deposits, the purpose of the drilling was to test for
depth extensions below previously reported mineralisation. At
Pajajaran, drill holes PJJ045 and PJJ046 were also directed at
testing for parallel veins; while PJJ037 tested the northern strike
extension.
In addition to previously announced results, significant drill
intercepts are set out below at Figure 1 for Blambangan and Figure
2 for Pajajaran. Further details are also set out in Appendix
A.
Figure 1: Significant Drill Hole Intercepts from the Blambangan
Prospect
HOLE ID FROM TO INT Au Ag EOH Including
(m) (m) (m) (g/t) (g/t) (m)
--------- ------- ------- ----- ------- ------- ------- -----------------------------------------
From To Int Au Ag
(m) (m) (m) (g/t) (g/t)
--------- ------- ------- ----- ------- ------- ------- ------- ------- ----- ------- -------
BP017 119.00 128.00 9.00 2.10 1.8 180.00 124.00 125.00 1.00 6.81 6.0
--------- ------- ------- ----- ------- ------- ------- ------- ------- ----- ------- -------
132.00 135.00 3.00 5.19 7.0
--------- ------- ------- ----- ------- ------- ------- ------- ------- ----- ------- -------
BP060 146.00 154.00 8.00 3.41 9.3 156.00 146.00 147.00 1.00 13.60 57.0
--------- ------- ------- ----- ------- ------- ------- ------- ------- ----- ------- -------
BP060A 156.00 164.00 8.00 7.93 13.5 190.00 158.00 161.00 3.00 17.92 31.0
--------- ------- ------- ----- ------- ------- ------- ------- ------- ----- ------- -------
BP061A 157.00 161.00 4.00 4.21 3.3 192.00 158.00 159.00 1.00 8.41 5.0
--------- ------- ------- ----- ------- ------- ------- ------- ------- ----- ------- -------
Figure 2: Significant Drill Hole Intercepts from the Pajajaran
Prospect
HOLE FROM TO INT Au Ag EOH Including
ID (m) (m) (m) (g/t) (g/t) (m)
--------- ------- ------- ------ ------- ------- ------- -----------------------------------------
From To Int Au Ag
(m) (m) (m) (g/t) (g/t)
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJ028 205.00 218.00 13.00 5.98 5.0 239.00 206.00 208.00 2.00 27.55 15.0
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJD034 181.00 186.80 5.80 3.60 4.4 250.20 183.00 184.00 1.00 8.01 6.0
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJ040 224.00 232.00 8.00 3.59 4.3 243.00 224.00 226.00 2.00 8.81 6.0
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJ044 143.00 150.00 7.00 4.44 7.0 200.00 147.00 148.00 1.00 10.50 11.0
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJ046 7.00 11.00 4.00 9.22 1.6 180.00 7.00 9.00 2.00 14.85 2.5
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJ047 103.00 109.00 6.00 5.71 19.8 180.00 105.00 106.00 1.00 21.60 17.0
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJ048 92.00 102.00 10.00 3.64 10.4 130.00 100.00 101.00 1.00 18.40 33.0
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJ049 24.00 29.00 5.00 10.32 18.6 180.00
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PJJD051 230.00 235.00 5.00 6.95 6.6 261.70
--------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
Note: for the purposes of the above tables, drill results that
have a grade x width >= 20 are considered significant.
All of the holes are reverse circulation drill holes with the
exception of PJJD034 and PJJD051 which are diamond drill holes.
EOH = End Of Hole depth
The results confirm the existence of high grade extensions at
depth for both Blambangan and Pajajaran. Toka Tindung remains
highly prospective, with significant potential to extend
Archipelago's already substantial 2.58m oz Au Resource and 1.47m oz
Au Reserve. Archipelago remains on track to release an updated
Resource & Reserve Statement by the end of Q1 2013.
COMPETENT PERSON STATEMENT
The information in this release that relates to mineral
exploration results, together with any related assessments and
interpretations, have been verified by and approved for release by
Mr. Graeme Fleming B App Sc (Geol), MAusIMM, a qualified geologist
and full-time consultant for PT. Tambang Tondano Nusajaya, a
subsidiary of Archipelago Resources Plc. Mr. Fleming has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
edition of the "Australasian Code For Reporting of Exploration
Results, Mineral Resources and Ore Reserves." Mr. Fleming
consents to the inclusion of the information contained in this
release in the form and context in which it appears.
FURTHER INFORMATION
Archipelago Resources
plc
Vice President - Corporate
Affairs +44 20 7523
Matthew Salthouse +65 6535 3419 8000
------------------------------ ---------------- ---------------------- ------------
Canaccord Genuity
Limited
Joint Broker
Christopher Fincken
Andrew Chubb
------------------------------ ---------------- ---------------------- ------------
Grant Thornton Corporate
Finance
NOMAD
Gerry Beaney +44 20 7383
David Hignell 5100
------------------------------ ---------------- ---------------------- ------------
Liberum Capital
Buchanan Limited
Corporate Communication Joint Broker
Bobby Morse +44 20 7466 Michael Rawlinson +44 20 3100
Gordon Poole 5000 Christopher Kololian 2000
------------------------------ ---------------- ---------------------- ------------
ABOUT ARCHIPELAGO
Archipelago is a producing mining company listed on the AIM
market of the London Stock Exchange. Archipelago's vision is to
grow into a respected and regionally dominant mid-cap gold
producer, managing a portfolio of gold mines and delivering
significant value and returns for shareholders. Archipelago's
principal activities are gold mining and exploration in Indonesia
(as the 95% owner of the producing Toka Tindung Gold Mine in North
Sulawesi, Indonesia). In 2013, Archipelago expects to produce
between 140,000 and 155,000 Au Eq oz at a cash cost of between
US$620 and US$680 per ounce (net of silver credits).
APPENDIX A: ALL DRILL INTERCEPTS >1.00 g/t Au
BLAMBANGAN PROSPECT
HOLE FROM TO INT Au Ag EOH Including
ID (m) (m) (m) (g/t) (g/t) (m)
-------- ------- ------- ------ ------- ------- ------- -----------------------------------------
From To Int Au Ag
(m) (m) (m) (g/t) (g/t)
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP017 90.00 94.00 4.00 1.13 1.9 180.00
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
102.00 106.00 4.00 1.67 9.5
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
119.00 128.00 9.00 2.36 2.1 124.00 125.00 1.00 6.81 6.0
------- ------- ------ ------- ------- ------- ------- ----- ------- -------
132.00 135.00 3.00 5.19 7.0
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP033 116.00 118.00 2.00 4.79 5.0 140.00
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP033A 138.00 142.00 4.00 2.81 2.8 160.00
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP034 143.00 144.00 1.00 7.13 22.0 167.00
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
150.00 162.00 12.00 1.55 2.4
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP050 224.00 229.00 5.00 1.73 3.1 243.00
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP059 166.00 169.00 3.00 1.03 1.3 192.00
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP060 146.00 154.00 8.00 3.41 9.3 156.00 146.00 147.00 1.00 13.60 57.0
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP060A 156.00 164.00 8.00 7.93 13.5 190.00 158.00 161.00 3.00 17.92 31.0
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
175.00 178.00 3.00 1.39 1.3
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP061 141.00 143.00 2.00 3.01 13.5 170.00
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
BP061A 157.00 161.00 4.00 4.21 3.3 192.00 158.00 159.00 1.00 8.41 5.0
-------- ------- ------- ------ ------- ------- ------- ------- ------- ----- ------- -------
PAJAJARAN PROSPECT
HOLE FROM TO INT Au Ag EOH (m) Including
ID (m) (m) (m) (g/t) (g/t)
--------- ------- ------- ------ ------- ------- -------- --------------------------------------------
From To Int Au Ag
(m) (m) (m) (g/t) (g/t)
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ028 186.00 189.00 3.00 2.72 3.0 239.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
205.00 218.00 13.00 5.98 5.0 206.00 208.00 2.00 27.55 15.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ030 66.00 67.00 1.00 6.22 40.0 232.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
215.00 217.00 2.00 2.22 6.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ031 192.00 199.00 7.00 1.90 15.3 220.00 194.00 195.00 1.00 5.96 48.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJD034 173.00 178.00 5.00 1.78 26.4 250.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
181.00 186.80 5.80 3.60 4.4 183.00 184.00 1.00 8.01 6.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ035 22.00 24.00 2.00 3.99 12.5 170.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
149.00 152.00 3.00 3.41 3.7
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ036 153.00 159.00 6.00 3.15 7.5 186.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ037 106.00 110.00 4.00 1.67 5.5 160.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ038 206.00 220.00 14.00 1.27 4.7 234.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ039 148.00 150.00 2.00 3.96 25.0 162.00 149.00 150.00 1.00 6.1 46.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ040 42.00 44.00 2.00 2.93 6.0 243.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
224.00 232.00 8.00 3.59 4.3 224.00 226.00 2.00 8.81 6.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ042 196.00 202.00 6.00 2.44 1.7 210.00 201.00 202.00 1.00 6.85 4.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ043 210.00 214.00 4.00 1.52 5.6 252.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
217.00 221.00 4.00 4.04 6.8
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ044 143.00 150.00 7.00 4.44 7.0 200.00 147.00 148.00 1.00 10.50 11.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
HOLE FROM TO INT Au Ag EOH (m) Including
ID (m) (m) (m) (g/t) (g/t)
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
From To Int Au Ag
(m) (m) (m) (g/t) (g/t)
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ045 105.00 111.00 6.00 3.30 3.7 162.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
157.00 159.00 2.00 1.27 2.5
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ046 2.00 4.00 2.00 2.44 23.5 180.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
7.00 11.00 4.00 9.22 1.6 7.00 9.00 2.00 14.85 2.5
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ047 95.00 99.00 4.00 3.75 67.5 180.00 96.00 97.00 1.00 11.80 227
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
103.00 109.00 6.00 5.71 19.8 105.00 106.00 1.00 21.60 17.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
127.00 130.00 3.00 2.52 2.3
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ048 92.00 102.00 10.00 3.64 10.4 130.00 97.00 98.00 1.00 5.85 5.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
116.00 123.00 7.00 1.48 1.0 100.00 101.00 1.00 18.40 33.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ049 24.00 29.00 5.00 10.32 18.6 180.00 24.00 28.00 4.00 12.32 21.3
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
162.00 166.00 4.00 1.36 1.8
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJD051 230.00 235.00 5.00 6.95 6.6 261.70
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ053 180.00 183.00 3.00 4.58 4.7 198.00 182.00 183.00 1.00 6.93 5.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ054 142.00 144.00 2.00 2.41 2.5 174.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
153.00 157.00 4.00 1.75 8.8
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ055 73.00 78.00 5.00 1.29 13.6 96.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ056 140.00 146.00 6.00 1.29 4.9 165.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ057 145.00 149.00 4.00 0.83 0.9 160.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
152.00 155.00 3.00 3.55 14.7 153.00 154.00 1.00 7.82 5.0
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
PJJ058 122.00 124.00 2.00 2.34 1.5 150.00
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
127.00 132.00 5.00 5.34 8.2 128.00 130.00 2.00 9.32 8.5
--------- ------- ------- ------ ------- ------- -------- ---------- ------- ----- ------- -------
All of the holes are reverse circulation drill holes with the
exception of PJJD34 and PJJD051 which are diamond drill holes. True
widths have not been determined. All assays are uncut. Au assayed
by fire assay (50g) and Ag by Atomic Absorption Spectrometer
(AAS)
Appropriate duplicate, blank and standard samples were used.
Internal waste is no more than 2m for prospects covered in this
announcement. Hole Inclinations vary between -50deg and -65deg. EOH
= End Of Hole depth
This information is provided by RNS
The company news service from the London Stock Exchange
END
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